We are smack dab in the middle of wedding season. For most people, walking down the aisle means some changes in tax filing. A few things to consider:
1. If you'll be changing your name, do it sooner rather than later. You want the process to be completed prior to any tax filing.
2. Be sure to let your employer and the IRS know about any address change.
3. Decide on any withholding changes. You can use the IRS' handy online calculator to decide how much you should withhold now that you're married. We're available to talk over how to make this choice as well, in light of your specific financial situation.
0 CommentsComment on Facebook
Effective July 1, 2024, the Department of Labor has implemented a significant change to overtime rules for salaried workers. This update means potentially more employees in your small business could now be eligible for overtime pay. This is important, so don't push this one aside.
Previously, salaried workers making above a certain threshold were exempt from overtime pay. Now, that threshold has increased, meaning more employees qualify for overtime.
Before the update, salaried workers earning more than $35,568 annually (684 per week) were generally exempt from overtime. Now, that threshold has jumped to $43,888 per year (844 per week). This means employees making under this new limit may qualify for overtime if they work more than 40 hours a week.
(Note that the salary threshold jumps again on January 1, 2025 to around $58,656 annually.)
0 CommentsComment on Facebook
How often do you review your financial statements?
A. Weekly
B. Monthly
C. Yearly
D. I have to review financial statements?
0 CommentsComment on Facebook
Here are four real-world financial targets to shoot for by age 50:
1) Your estate plan should be fully in place.
2) If college is paid for, consider dropping term insurance.
3) Catch up on your savings, if you haven't saved 8-10 times your annual lifestyle spending yet.
4) Begin considering what you really want out of retirement.
0 CommentsComment on Facebook
Here's to hoping you're making better use of AI in your world than these people. We can think of a few issues more worthy of our time and attention than creating fake humans. Namely, helping real humans is real need of support and attention.
EXCLUSIVE: Meet the winner of the world's first AI beauty pagean
The winner of the first ever AI beauty pageant has been announced as Kenza Laylie, a Moroccan 'influencer' who beat 1,500 competitors to claim the $13,000 top prize.
0 CommentsComment on Facebook
Have any questions about how to classify your seasonal workers this summer?
Please don't hesitate to reach out and ask. It will save you and them a great amount of headache to give them the proper designation. Even if you don't have to withhold income tax on their paychecks, it's very likely you are still required to withhold Social Security and Medicare taxes.
0 CommentsComment on Facebook
Some good news: It looks like inflation *might* be subsiding. Since May 2020, the average cost of goods and services in the US has continually risen. But, June saw the consumer price index actually fall (about 0.1%). That's a good sign, but we'll keep watching to see if the trend continues.
If it does, the Federal Reserve could indeed drop Federal interest rates in September. Let's hope that's what happens.
Monthly US consumer prices post first drop in four years as inflation subsides
www.reuters.com
U.S. consumer prices fell for the first time in four years in June amid cheaper gasoline and moderating rents, firmly putting disinflation back on track and drawing the Federal Reserve another step cl...0 CommentsComment on Facebook